Brands
Libas set to launch 11 news stores on one single day this Independence Day
MUMBAI: Libas is set to make retail history by launching 11 new stores in a single day across India on August 15. The expansion reflects the brand’s deeper push into India’s dynamic offline market and marks a significant step towards its goal of opening 100+ stores by the end of 2025.
From design to sourcing to customer experience, Libas has always stayed true to its core philosophy – “Made in India. Made for India.” The upcoming store launches are an extension of this belief, celebrating the diversity, individuality, and aspirations of modern Indian women across geographies.
Each store location has been selected with strategic intent, from the bustling neighbourhoods of Jasola and Rohini in Delhi-NCR to the high-footfall zones of Phoenix Palassio in Lucknow and MG Road in Kochi. These markets represent strong consumer demand and digital engagement for the brand.
The 11 new store locations include Jasola, Rohini, and Gaur City in Delhi-NCR; Lucknow; Indore; Kochi; Amritsar; Udaipur; Bel Road and Sarjapur in Bengaluru; and Mumbai.
Libas founder & CEO Sidhant Keshwani said, “This expansion marks a decisive step in our growth trajectory as we strengthen our presence across the country. By foraying into these high-impact markets, we are strategically taking Libas closer to the modern Indian women who have shaped and inspired us. The 11 steps closer campaign is a tribute to India’s fashion-forward women across regions. As we scale across Tier 1 and Tier 2 cities, we’re committed to creating spaces that reflect local aesthetics while delivering a consistent Libas experience. Every store is an opportunity to engage meaningfully, to listen, and to co-create fashion experiences that appeal to our target audience.”
Brands
Reserve Bank of India cancels Paytm Payments Bank licence
Central bank cites compliance failures; curbs tighten as wind-up looms
MUMBAI: India’s banking watchdog delivered its sharpest blow yet to Paytm Payments Bank, cancelling its licence and effectively ending its ability to operate as a bank under the law.
The Reserve Bank of India said the entity can no longer conduct banking business under the Banking Regulation Act, citing concerns that its affairs were not being run in the interest of depositors or the public and that it had failed to meet licence conditions.
The move escalates a crackdown that has been building for months. The bank had already been barred from onboarding new customers since March 11, 2022, and later faced restrictions on deposits, credit and wallet top-ups. In January 2024, the central bank ordered it to stop accepting fresh deposits, pointing to persistent non-compliance, including lapses in customer due diligence, use of funds and technology systems.
Operationally, the bank is now on a tight leash. It may process withdrawals of existing deposits and facilitate loan referrals through banking correspondents, but it cannot take fresh deposits.
The central bank said it would apply to the high court to wind up the bank.
Paytm sought to ringfence the fallout. In a regulatory filing, it said the licence cancellation applies to Paytm Payments Bank Limited, a separate entity, and should not be attributed to One 97 Communications. It added that there is no exposure or material business arrangement with the bank and that it operates independently, without Paytm’s board or management involvement.
“As informed earlier, Paytm (One 97 Communications Limited) and its services, which have been operating without interruption, will continue to operate uninterrupted. These include the Paytm app, Paytm UPI, Paytm Gold and all other services offered by its subsidiaries and associated companies,” the company said.
The distinction may reassure users of the app ecosystem, but the regulator’s verdict is unequivocal. After years of warnings, caps and curbs, the payments bank experiment at Paytm is being shut down—decisively, and with little room left to manoeuvre.
